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Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the fourth quarter ended March 31, 2023. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q4-FY23, consolidated net revenue was Rs. 299.3 crore, which was a YoY increase of 136.6%, resulting in a loss before tax of Rs. 27 crore as compared to loss of Rs. 95.9 crore, for corresponding previous period. Loss after tax was Rs. 11.5 crore as compared to loss of Rs.49.6 crore for corresponding previous period. Effective Q2-FY23 Saankhya Labs and its subsidiaries’ financials have been consolidated and the above includes revenue of Rs. 15 crore from Saankhya for Q4-FY23.
For FY23, consolidated net revenue was Rs. 919.6 crore, which was a YoY increase of 67%, resulting in a loss before tax of Rs. 42.7 crore as compared to loss of Rs. 117.1 crore, for corresponding previous period. Loss after tax was Rs. 36.4 crore as compared to loss of Rs.62.7 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “In FY23 we recorded our highest-ever consolidated revenues of Rs 920 crore and highest-ever new order inflow. We are starting FY24 with a robust order book of Rs 1,934 crore and a strong visibility into large opportunities. We have made significant investments in our supply chain processes and taken adequate inventory actions to ensure that we can scale-up and deliver on the growth opportunities ahead of us. During FY23, in line with our business growth plans, we made significant investments in R&D, Supply chain and Field-support and our headcount increased by 41%”.
Mr. Venkatesh Gadiyar, CFO said, “As on March 31, 2023, our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were at Rs. 1,306 crore and we continue to be a debt-free Company. We have made cash flow plans, working with our suppliers, to ensure that we can deliver on our growth and can execute large orders without stressing our working capital.”
As on March 31, 2023, Tejas and its subsidiaries have filed for 445 patents of which 217 have been granted.
For Q4-FY23, consolidated net revenue was Rs. 299.3 crore, which was a YoY increase of 136.6%, resulting in a loss before tax of Rs. 27 crore as compared to loss of Rs. 95.9 crore, for corresponding previous period. Loss after tax was Rs. 11.5 crore as compared to loss of Rs.49.6 crore for corresponding previous period. Effective Q2-FY23 Saankhya Labs and its subsidiaries’ financials have been consolidated and the above includes revenue of Rs. 15 crore from Saankhya for Q4-FY23.
For FY23, consolidated net revenue was Rs. 919.6 crore, which was a YoY increase of 67%, resulting in a loss before tax of Rs. 42.7 crore as compared to loss of Rs. 117.1 crore, for corresponding previous period. Loss after tax was Rs. 36.4 crore as compared to loss of Rs.62.7 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “In FY23 we recorded our highest-ever consolidated revenues of Rs 920 crore and highest-ever new order inflow. We are starting FY24 with a robust order book of Rs 1,934 crore and a strong visibility into large opportunities. We have made significant investments in our supply chain processes and taken adequate inventory actions to ensure that we can scale-up and deliver on the growth opportunities ahead of us. During FY23, in line with our business growth plans, we made significant investments in R&D, Supply chain and Field-support and our headcount increased by 41%”.
Mr. Venkatesh Gadiyar, CFO said, “As on March 31, 2023, our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were at Rs. 1,306 crore and we continue to be a debt-free Company. We have made cash flow plans, working with our suppliers, to ensure that we can deliver on our growth and can execute large orders without stressing our working capital.”
As on March 31, 2023, Tejas and its subsidiaries have filed for 445 patents of which 217 have been granted.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that it has received an Advance Purchase Order of Rs 696 crores from BSNL (Bharat Sanchar Nigam Limited) for the upgradation of its pan-India IP-MPLS based Access and Aggregation Network (MAAN) using its state-of-the-art routers. The company won this order while competing against top-tier global vendors in an open tender, after being technically shortlisted and upon submitting the lowest commercial bid. As a part of this contract, Tejas will supply, install and commission over 13,000 of its TJ1400 series of next-generation access and aggregation routers for realizing a converged multi-service packet network, being rolled out on a nationwide basis.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are delighted to win this prestigious contract which is the single largest order we have received till date in our company. We look forward to partnering with BSNL to create a unified, flexible and scalable IP/MPLS network that will cater to growing data traffic from its full-range of services, including mobile (2G/3G/4G/5G), fiber broadband, Voice over IP, WiFi and enterprise data services. It provides us an excellent opportunity to deploy at scale, our carrier routing products and establish our world-class capabilities in the critical routing technology area.”
Mr. Arnob Roy, COO and Executive Director of Tejas Networks said, “It’s a proud moment for us to be selected as the first Indian company to supply its indigenously designed and field-hardened routing products for BSNL’s nationwide MAAN network. This win further reinforces our position as a leading telecom and networking equipment vendor capable of designing and delivering complex, high-availability mission critical networks. It also catapults us into the global service provider switching and routing segment, which requires products that have high technological complexity and significant R&D capabilities.”
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We are delighted to win this prestigious contract which is the single largest order we have received till date in our company. We look forward to partnering with BSNL to create a unified, flexible and scalable IP/MPLS network that will cater to growing data traffic from its full-range of services, including mobile (2G/3G/4G/5G), fiber broadband, Voice over IP, WiFi and enterprise data services. It provides us an excellent opportunity to deploy at scale, our carrier routing products and establish our world-class capabilities in the critical routing technology area.”
Mr. Arnob Roy, COO and Executive Director of Tejas Networks said, “It’s a proud moment for us to be selected as the first Indian company to supply its indigenously designed and field-hardened routing products for BSNL’s nationwide MAAN network. This win further reinforces our position as a leading telecom and networking equipment vendor capable of designing and delivering complex, high-availability mission critical networks. It also catapults us into the global service provider switching and routing segment, which requires products that have high technological complexity and significant R&D capabilities.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that Mr. Sanjay Nayak, Co-founder, Chief Executive Officer (CEO) and Managing Director (MD) has expressed his desire to take retirement and pursue other personal interests. The Board of Directors has considered his request and accepted the same.
The Board has also approved the appointment of Mr. Anand Athreya as the CEO & MD designate of Tejas Networks and he will join the Company effective 3rd April 2023. He would be appointed as MD post all regulatory and shareholder approvals. Post handing over the baton to Mr. Athreya, Mr. Nayak would step down from his role as CEO and MD by the next Annual General Meeting of the company.
Mr. Athreya has more than 25 years of highly technical and managerial experience in telecom equipment, networking, and software industries. He was the Executive Vice President & Chief Development Officer of Juniper Networks since 2017 and he served as Senior Vice-President of the Routing Business Unit for 3 years prior to his current role. Mr. Athreya was with Juniper Networks since 2004 until November 2022.
Mr. N Ganapathy Subramaniam, Chairman, Tejas Networks said, “Sanjay has been successfully leading the Company since its inception and has helped build a pioneering technology company from India. On behalf of Board of Directors and employees of the Company, I would like to thank Sanjay for his significant contributions in building Tejas Networks as a leading telecom products company. We wish Sanjay all the very best for the future”.
He further added, “I am delighted to welcome Anand to Tejas Networks. He is an industry veteran, having been a leader in world-class global Silicon, Systems & Software Engineering, and global innovation led R&D and product development for the networking world. He has led the delivery of several industry leading and award-winning products for the telecommunication industry. I am sure Tejas Networks would benefit from his leadership and rich experience. Sanjay and Anand will be working towards a smooth transition over the coming months.”
Mr. Sanjay Nayak the current CEO & MD said “As a co-founder, I had the privilege of leading the company from a startup to India’s first publicly-listed deep-technology telecom products company. I am proud of what we have built as a company- having a rich portfolio of world-class products for the telecom industry and a solid launchpad for future growth. The association with the Tata Group has only accelerated this journey and I am confident that Tejas is well poised to tap the global market opportunities and become a leading telecom OEM. Having worked with tremendous passion and intensity for the last 23 years, and now with the backing of the Tata Group, I feel this is the right time for me to transition and pursue my other interests. Anand brings in strong domain knowledge and rich global experience. I look forward to working with him and in transitioning my responsibilities over the coming months. I wish him well, as he steers the next phase of growth for the company.”
Mr. Athreya earned his B.E. in Electrical Engineering from Bangalore University, India, and M.Tech in Computer Science and Engineering from Osmania University, India. He later moved to USA and obtained Master’s in Business Administration (Hons.) from National University, CA. He also attended the Advanced Management Program at Harvard Business School.
Speaking on the occasion, Mr. Anand Athreya said, “I am both honoured and humbled to lead Tejas and help transform the telecommunication industry. I am eagerly looking forward to working with Tejas’ leadership team and the Tata group. Tejas is in a unique position to build industry leading telecom and networking solutions right out of India, for India and the rest of the world.”
The Board has also approved the appointment of Mr. Anand Athreya as the CEO & MD designate of Tejas Networks and he will join the Company effective 3rd April 2023. He would be appointed as MD post all regulatory and shareholder approvals. Post handing over the baton to Mr. Athreya, Mr. Nayak would step down from his role as CEO and MD by the next Annual General Meeting of the company.
Mr. Athreya has more than 25 years of highly technical and managerial experience in telecom equipment, networking, and software industries. He was the Executive Vice President & Chief Development Officer of Juniper Networks since 2017 and he served as Senior Vice-President of the Routing Business Unit for 3 years prior to his current role. Mr. Athreya was with Juniper Networks since 2004 until November 2022.
Mr. N Ganapathy Subramaniam, Chairman, Tejas Networks said, “Sanjay has been successfully leading the Company since its inception and has helped build a pioneering technology company from India. On behalf of Board of Directors and employees of the Company, I would like to thank Sanjay for his significant contributions in building Tejas Networks as a leading telecom products company. We wish Sanjay all the very best for the future”.
He further added, “I am delighted to welcome Anand to Tejas Networks. He is an industry veteran, having been a leader in world-class global Silicon, Systems & Software Engineering, and global innovation led R&D and product development for the networking world. He has led the delivery of several industry leading and award-winning products for the telecommunication industry. I am sure Tejas Networks would benefit from his leadership and rich experience. Sanjay and Anand will be working towards a smooth transition over the coming months.”
Mr. Sanjay Nayak the current CEO & MD said “As a co-founder, I had the privilege of leading the company from a startup to India’s first publicly-listed deep-technology telecom products company. I am proud of what we have built as a company- having a rich portfolio of world-class products for the telecom industry and a solid launchpad for future growth. The association with the Tata Group has only accelerated this journey and I am confident that Tejas is well poised to tap the global market opportunities and become a leading telecom OEM. Having worked with tremendous passion and intensity for the last 23 years, and now with the backing of the Tata Group, I feel this is the right time for me to transition and pursue my other interests. Anand brings in strong domain knowledge and rich global experience. I look forward to working with him and in transitioning my responsibilities over the coming months. I wish him well, as he steers the next phase of growth for the company.”
Mr. Athreya earned his B.E. in Electrical Engineering from Bangalore University, India, and M.Tech in Computer Science and Engineering from Osmania University, India. He later moved to USA and obtained Master’s in Business Administration (Hons.) from National University, CA. He also attended the Advanced Management Program at Harvard Business School.
Speaking on the occasion, Mr. Anand Athreya said, “I am both honoured and humbled to lead Tejas and help transform the telecommunication industry. I am eagerly looking forward to working with Tejas’ leadership team and the Tata group. Tejas is in a unique position to build industry leading telecom and networking solutions right out of India, for India and the rest of the world.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] today reported its financial results for the third quarter ended December 31, 2022. Tejas Networks designs, develops, manufactures and sells high-performance telecom and networking products, which are used to build high-speed communication networks.
For Q3-FY23, consolidated net revenue was Rs. 274.6 crore, which was a YoY increase of 156.4%, resulting in a loss before tax of Rs. 5.1 crore as compared to loss of Rs. 32.9 crore, for corresponding previous period. Loss after tax was Rs. 10.9 crore as compared to a loss of Rs. 24.3 crore for corresponding previous period. Effective Q2-FY23 Saankhya Labs and its subsidiaries (Saankhya) financials have been consolidated – and the above revenue includes Rs. 21 crore from Saankhya – for Q3-FY23.
For 9M-FY23, consolidated net revenue was Rs. 620.3 crore, which was a YoY increase of 46.3%, resulting in a loss before tax of Rs. 7.1 crore as compared to a loss of Rs. 21.2 crore, for corresponding previous period. Loss after tax was Rs. 16.4 crore as compared to a loss of Rs. 13.1 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We continue to see strong business momentum with a robust order book of Rs 1,431 crore and a good pipeline of large orders for our optical as well as wireless products. Our revenue growth has been constrained due to shortages of semiconductor chips, many of which still have long-lead times. To mitigate this, we have re-engineered and improved our supply chain processes which has resulted in consistent revenue growth. We continue to increase our investments, especially in the 4G/5G products, in line with our business growth plans”.
Mr. Venkatesh Gadiyar, CFO said, “As on December 31, 2022 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were at Rs. 1,221 crore and we continue to be a debt-free Company. On February 03, 2023 we have received an investment of Rs 300 crore from Panatone Finvest Limited (a subsidiary of Tata Sons Private Limited.), towards final subscription of Series-B Warrants, for which equity shares have been allotted on February 06, 2023.”
As on December 31, 2022, Tejas and its subsidiaries have filed for 443 patents of which 191 have been granted.
For Q3-FY23, consolidated net revenue was Rs. 274.6 crore, which was a YoY increase of 156.4%, resulting in a loss before tax of Rs. 5.1 crore as compared to loss of Rs. 32.9 crore, for corresponding previous period. Loss after tax was Rs. 10.9 crore as compared to a loss of Rs. 24.3 crore for corresponding previous period. Effective Q2-FY23 Saankhya Labs and its subsidiaries (Saankhya) financials have been consolidated – and the above revenue includes Rs. 21 crore from Saankhya – for Q3-FY23.
For 9M-FY23, consolidated net revenue was Rs. 620.3 crore, which was a YoY increase of 46.3%, resulting in a loss before tax of Rs. 7.1 crore as compared to a loss of Rs. 21.2 crore, for corresponding previous period. Loss after tax was Rs. 16.4 crore as compared to a loss of Rs. 13.1 crore for corresponding previous period.
Mr. Sanjay Nayak, Managing Director and CEO of Tejas Networks said, “We continue to see strong business momentum with a robust order book of Rs 1,431 crore and a good pipeline of large orders for our optical as well as wireless products. Our revenue growth has been constrained due to shortages of semiconductor chips, many of which still have long-lead times. To mitigate this, we have re-engineered and improved our supply chain processes which has resulted in consistent revenue growth. We continue to increase our investments, especially in the 4G/5G products, in line with our business growth plans”.
Mr. Venkatesh Gadiyar, CFO said, “As on December 31, 2022 our cash and cash equivalents, including investment in liquid mutual funds and deposits with financial institutions, were at Rs. 1,221 crore and we continue to be a debt-free Company. On February 03, 2023 we have received an investment of Rs 300 crore from Panatone Finvest Limited (a subsidiary of Tata Sons Private Limited.), towards final subscription of Series-B Warrants, for which equity shares have been allotted on February 06, 2023.”
As on December 31, 2022, Tejas and its subsidiaries have filed for 443 patents of which 191 have been granted.
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that its flagship product, TJ1400 UCB, has won the prestigious “Broadband Innovation of the Year” award at the sixth annual Mobile Breakthrough awards program. Mobile Breakthrough, a leading independent market intelligence organization based in California (USA), recognizes top companies, technologies and products in the global wireless and mobile market. TJ1400 UCB has won three prestigious innovation awards in the last one month, starting with the “Best Made in India Telecom Innovation” at India Mobile Congress (IMC) followed by the 2022 Technovation Award from India Electronics and Semiconductor Association (IESA). The company is exhibiting its end-to-end portfolio of wireline and wireless products, including TJ1400 UCB, at AfricaCom (Stand No. C7) being held at the Cape Town International Convention Center from November 8th to November 10th.
The annual Mobile Breakthrough Awards (USA) honor excellence and recognize the innovation, hard work and success in a range of mobile and wireless technology categories, including Cloud Computing, Mobile Management, Wireless and Broadband, Mobile Analytics, Internet-of-Things (IoT) and more. In 2022, the award winners were selected after a rigorous evaluation of over 2700 nominations received from top companies and startups in the global mobile, wireless and IoT industry.
Mr. Sanjay Nayak, CEO & Managing Director of Tejas Networks said, “We are delighted to win the Mobile Breakthrough award in the “Broadband Innovation of the Year” category while competing against many of the world’s best mobile and wireless companies. This award exemplifies the technological uniqueness and differentiation of our product, which offers both wireless 4G/5G as well as wirelines (transport and access) services from the same chassis. Over the last few years, TJ1400 UCB has been gaining significant global traction among telecom service provider customers with thousands of carrier-grade systems shipped to several telecom networks worldwide. As the region with the largest broadband coverage gap and with almost half the population having no access to a 4G network, TJ1400 UCB is the ideal product for telecom operators and governments in Sub-Saharan Africa to cost-effectively bridge the persistent digital divide.”
Mr. Arnob Roy, Chief Operating Officer & Executive Director of Tejas Networks said, “With the exploding demand for mobile, residential and enterprise broadband services, telecom carriers are looking for scalable and cost-effective wireless and wireline products to accelerate their network rollouts. As a converged fixed and mobile service delivery platform, TJ1400 UCB enables our customers to generate multiple revenue streams by installing just one equipment, while significantly lowering their total cost of network ownership.”
The annual Mobile Breakthrough Awards (USA) honor excellence and recognize the innovation, hard work and success in a range of mobile and wireless technology categories, including Cloud Computing, Mobile Management, Wireless and Broadband, Mobile Analytics, Internet-of-Things (IoT) and more. In 2022, the award winners were selected after a rigorous evaluation of over 2700 nominations received from top companies and startups in the global mobile, wireless and IoT industry.
Mr. Sanjay Nayak, CEO & Managing Director of Tejas Networks said, “We are delighted to win the Mobile Breakthrough award in the “Broadband Innovation of the Year” category while competing against many of the world’s best mobile and wireless companies. This award exemplifies the technological uniqueness and differentiation of our product, which offers both wireless 4G/5G as well as wirelines (transport and access) services from the same chassis. Over the last few years, TJ1400 UCB has been gaining significant global traction among telecom service provider customers with thousands of carrier-grade systems shipped to several telecom networks worldwide. As the region with the largest broadband coverage gap and with almost half the population having no access to a 4G network, TJ1400 UCB is the ideal product for telecom operators and governments in Sub-Saharan Africa to cost-effectively bridge the persistent digital divide.”
Mr. Arnob Roy, Chief Operating Officer & Executive Director of Tejas Networks said, “With the exploding demand for mobile, residential and enterprise broadband services, telecom carriers are looking for scalable and cost-effective wireless and wireline products to accelerate their network rollouts. As a converged fixed and mobile service delivery platform, TJ1400 UCB enables our customers to generate multiple revenue streams by installing just one equipment, while significantly lowering their total cost of network ownership.”
Tejas Networks [BSE: 540595, NSE: TEJASNET] today announced that the Department of Telecommunications (DoT) has approved its application under Government of India’s Design-led Production Linked Incentive (PLI) scheme for manufacturing of Telecom and Networking products. In its application, the company has committed to make a minimum cumulative capital investment of Rs 750 crore over the scheme period.
Mr. Sanjay Nayak, CEO & Managing Director of Tejas Networks said, “We thank the Department of Telecommunications (DoT), Ministry of Communications and SIDBI for approving our application under the Design-led Manufacturing scheme for telecom and networking products. This is an excellent policy of Government of India to promote Indian R&D and IPR for the creation of world-class telecom products with high domestic value addition, where they give additional incentive for Indian designed and manufactured products. As India’s leading R&D-driven telecom products company, we look forward to contributing to the creation of a strong domestic ecosystem in next-generation telecom and networking products and help in realizing the vision of an Atmanirbhar Bharat in the telecom sector.”
Mr. Sanjay Nayak, CEO & Managing Director of Tejas Networks said, “We thank the Department of Telecommunications (DoT), Ministry of Communications and SIDBI for approving our application under the Design-led Manufacturing scheme for telecom and networking products. This is an excellent policy of Government of India to promote Indian R&D and IPR for the creation of world-class telecom products with high domestic value addition, where they give additional incentive for Indian designed and manufactured products. As India’s leading R&D-driven telecom products company, we look forward to contributing to the creation of a strong domestic ecosystem in next-generation telecom and networking products and help in realizing the vision of an Atmanirbhar Bharat in the telecom sector.”
